For the past several decades, politicians and economists thought that high levels of inequality were good for the economy. But because America's middle class is now so weak, the US economy suffers from the kinds of problems that plague less-developed countries. As Hollowed Out explains, to have strong, sustainable growth, the economy needs to work for everyone and expand from the middle out. This new thinking has the potential to supplant trickle-down economics-the theory that was so wrong about inequality and our economy-and shape economic policymaking for generations.
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The dose is the difference between medicine and poison in economics as in healthcare. Hollowed Out makes the case that US inequality has gone beyond supply-siders medicine for growth to poisoning our economy via loss of trust, political polarization, debt-driven consumer demand, and self-perpetuating aristocracy of wealth. Every member of Congress should read this before voting on the next tax cut for the wealthy. - Richard Freeman, Professor of Economics, Harvard University